Huaxin New Material(300717)2025-04-15 11:00Financial Performance - The company's operating revenue for 2024 was ¥318,734,146.26, a decrease of 2.54% compared to ¥327,052,453.92 in 2023[5]. - Net profit attributable to shareholders for 2024 increased by 23.46% to ¥50,597,407.05 from ¥40,981,207.51 in 2023[5]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥49,087,768.40, up 24.95% from ¥39,284,686.81 in 2023[5]. - The company's total assets increased by 20.78% to ¥928,557,596.01 at the end of 2024, compared to ¥768,807,672.25 at the end of 2023[5]. - The company's total revenue for 2024 was approximately ¥318.73 million, a decrease of 2.54% compared to ¥327.05 million in 2023[64]. - Revenue from functional film materials accounted for 99.72% of total revenue, with a year-on-year increase of 2.39%[64]. - Sales of smart card substrates generated ¥313.96 million, representing 98.50% of total revenue and a growth of 3.69% year-on-year[64]. - The gross margin for smart card substrates was 31.64%, showing an increase of 1.84% compared to the previous year[66]. Cash Flow and Investments - The net cash flow from operating activities for 2024 was ¥48,358,875.93, a decrease of 44.08% from ¥86,471,790.51 in 2023[5]. - The company’s cash and cash equivalents decreased by 150.34% to -13,736,878.23 CNY, indicating a significant cash outflow[78]. - The total amount of cash outflow from investment activities surged by 231.38% to 134,356,647.60 CNY, mainly due to increased capital expenditures[78]. - The company invested ¥134,356,647.60 during the reporting period, a significant increase of 231.38% compared to the previous year[89]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total of 102,775,000 shares[4]. - The company plans to distribute a cash dividend of RMB 2 per 10 shares, totaling RMB 20,555,000 for the fiscal year 2024[147]. - The total distributable profit for the company is RMB 238,959,558.38, with cash dividends accounting for 100% of the profit distribution[146]. - The company has established a three-year shareholder return plan for 2024-2026 to enhance the shareholder return mechanism[149]. Research and Development - The company maintains a strong R&D capability with over 70 patents and partnerships with leading enterprises and research institutions, ensuring its technology remains at the forefront of the industry[57]. - Research and development expenses increased by 7.64% to 15,580,251.43 CNY, representing 4.89% of total revenue in 2024, up from 4.43% in 2023[75][76]. - The company plans to introduce four advanced production lines to accelerate the research and industrialization of low-carbon and environmentally friendly materials[31]. - The company is focusing on developing new materials and products while exploring emerging markets to enhance its global business layout[99]. Market and Product Development - The global smart card market is expected to grow at a CAGR of 3.4% from 2024 to 2029, with China being a key growth driver[29]. - The company aims to optimize the supply of materials for the second-generation ID cards and expand its market presence in Southeast Asia and Africa[31]. - The company has developed a series of differentiated smart card substrates, including PETG, PVC, ABS, and biodegradable materials, capturing a high market share in the high-end segment of the smart card substrate industry[36]. - The company has achieved significant recognition for its recycled card substrates, which comply with global recycling standards, and plans to expand production to meet the growing demand for sustainable materials[51]. Governance and Compliance - The company’s governance structure complies with the requirements set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange[109]. - The company has established an independent financial department with a complete financial accounting system, enabling independent financial decision-making and tax compliance[115]. - The company has implemented a comprehensive internal control system to ensure effective governance and compliance with regulations[149]. - The company has conducted compliance training for board members and management to enhance awareness of internal control systems[150]. Employee and Management Structure - The total number of employees at the end of the reporting period was 384, with 232 in production, 16 in sales, 52 in technical roles, 7 in finance, and 77 in administration[138]. - The employee training program engaged 1,920 participants, focusing on enhancing professional skills and fostering innovation[141]. - The company has a stable core management and technical team, all of whom are indirect shareholders, ensuring strong commitment and motivation[62]. - The company’s board of directors held a total of five meetings during the reporting period, with all members actively participating[132]. Environmental Responsibility - The company has implemented a photovoltaic power generation project with a total installed capacity of 3.874 MW, generating nearly 3.6 million kWh annually and saving approximately 1.5 million yuan in electricity costs each year[158]. - The company achieved GRS certification for global recycling standards and UL2809 certification for recycled materials, promoting the application of environmentally friendly materials[157]. - The company has not reported any environmental pollution incidents or violations during the reporting period[159]. - The company actively engages with local governments and the community, promoting employment and supporting local economic development[166].